Arranged Marriage

Crypto and Canna try to swipe right.

Daily Recap

Politico is reporting that there’s an emerging consensus among lawmakers that could potentially pair SAFE Banking with Stablecoin legislation—and if Reps. McHenrey (R-NC) and Maxine Waters (D-CA) are able to strike a Stablecoin deal, lawmakers have floated the idea of attaching the package to the FAA reauthorization.

Summer in Columbus

When Ohio became the 24th state to legalize adult-use cannabis on November 7th, lawmakers predicted that adult-use wouldn’t turned on until late summer or fall but that’s no longer the case—legal kind bud may now be available in two months. 👀

“We could have retailers, recreational licensed retailers, in Ohio by mid-June. We should certainly begin to see legal canna sales in Ohio before July 4th weekend."

Show Pony

Missouri’s marijuana market has continued to trend upward in the early months of 2024. March cannabis sales jumped more than 9% vs. Feb., or an $11.3M increase.

Missouri dispensaries reported over $125M in sales for the month, which was the highest monthly total in a year and second-highest monthly sales total in history.

All My Exes

The future of federal regulation for hemp-derived cannabinoids is hard to predict but industry stakeholders might find a crystal ball in Texas. Thus far, regulators have been hands-off, which has allowed the state’s hemp-derived cannabinoid sector to thrive.

“That approach has really allowed the market to figure out what consumers want and producers + manufacturers to figure out how to best get those products to them. If anything, a more hands-off approach has shown how this state is ready for this.”

Stocks & Stuff

It was a mild ride in Cannaland today despite the fright in the broader tape until a late-day rug pull closed most of the space near the lows. U.S. cannabis ETF MSOS coughed up 4%, with most of the damage being done in the last fifteen minutes of the session.

Below, we’ll chew through today’s price action on both sides of the border, touch on the structural influences, impediments and potential solutions, see who’s channeling Barry White, who’s obsessed with Bo Derek, and the potential timing of SAFE Banking.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $113M/$80M

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